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房地产行业的迅猛发展为中国过去二十多年的经济增长奠定了基础，但是在近几年国家宏观政策的调控下，房地产行业不似过去一样风光无限，行业景气度大幅走低。为了稳定收益，规避经营风险，多元化的发展道路相继成为房地产企业的选择，他们希望能够通过多元化的布局来拓展利润来源，实现企业的可持续发展。本文采取案例分析的方法，将中国恒大作为主要的分析对象，研究企业经营绩效与多元化布局之间的关系，总结出相关的经验，为后期房地产企业多元化经营战略的实施起到指导作用。

本文选取了中国恒大自上市以来的相关数据，立足多元化经营，对它的绩效进行研究。文章主要包括以下几个部分的内容：首先是对案例公司的多元化经营情况进行梳理，通过对近几年的主营业务收入数据的研究，分析了中国恒大的多元化经营的程度。其次选取公司财务报表中的相关数据对其多元化经营动因做了详细阐述。接下来结合中国恒大多元化经营过程中的相关财务指标进行分析，探究多元化经营对公司业绩的影响。最后是研究结论与建议，总结中国恒大在多元化经营过程中的利弊，在此基础之上为恒大以后的多元化之路提出具体的建议。

研究表明，恒大多元化发展战略一定程度上能够促进企业现阶段剩余资源利用程度的提升，从长远来看有利于提升企业价值，但是多元化过度扩张给恒大的经营绩效带来了负面影响。要想促进企业的盈利和发展，让多元化经营的作用得到最大化的发挥，合理多元化布局、加强成本管理、调整融资方式及优化现金流结构等措施显得至关重要。

The rapid development of the real estate industry has laid the foundation for China's economic growth in the past two decades. However, under the control of national macro policies in recent years, the real estate industry has not been as prosperous as it used to be, and the industry's prosperity has fallen sharply. In order to stabilize the level of profits and avoid operating risks, diversified development paths have successively become the choice of real estate companies. They hope to expand their sources of profit and and achieve their sustainable development goals through the diversified layout . This paper adopts the method of case analysis, takes China Evergrande Group as the main analysis object, finds the relationship between the business performance and the diversified layout at the present stage, and summarizes the relevant experience, which will play a guiding role in the implementation of the diversified business strategy of the real estate enterprise in the later stage.

In the process of doing research, this article comprehensively collects various data from China Evergrande Group since its listing, and finds out specific information about the business, and then conducts performance research and analysis. This article specifically includes the following parts. First of all, it sorts out the diversified operation of the case, and analyzes the degree of diversified operation of China Evergrande Group through the research of the main business income of recent years. Secondly, it selects the relevant data in the company's financial statements to elaborate on the motivation of its diversified operations. Moreover, it analyze the relevant financial indicators in the process of China Evergrande Group's diversified operation to explore the impact of diversified operations on the company's performance. Last but not least, the article put forward the research conclusions and recommendations, summarizes the pros and cons of China Evergrande Group in the process of diversified operation, and on this basis provide specific recommendations for Evergrande Group’s future diversification.

   The research has shown that China Evergrande Group’s diversified development strategy can promote the improvement of the company’s current use of remaining resources，to a certain extent, however, the excessive expansion of diversification has brought a negative impact on Evergrande's operating performance. If you want to promote the profitability and development of the company, and maximize the role of diversified operations,it is essential to rationally diversify the layout, strengthen cost management, adjust financing methods and optimize cash flow structure.